SolarCity® (Nasdaq: SCTY) and American Honda Motor Co., Inc., today announced a partnership to make solar power more affordable and available to Honda and Acura customers in the U.S., providing a cleaner source of electricity at a lower cost than utility-supplied power. The partnership, which is aimed at addressing global climate change by reducing CO 2 emissions from home, business, and transportation energy use, establishes an investment fund to finance $65 million in solar projects to assist Honda and Acura customers with the initial cost of solar power installation. Millions of Honda and Acura customers and hundreds of dealerships in SolarCity’s 14-state service area may be eligible for the special offer, and SolarCity and Honda expect to be able to accommodate thousands of interested homeowners in the fund.*
SolarCity and Honda have forged a broad partnership to make solar power more affordable for Honda and Acura customers. Shown: Honda Fit EV recharging. (Photo: Business Wire)
Honda and Acura dealerships in SolarCity’s service territory may also be able to take advantage of the offer to install affordable solar power through the partnership. Additionally, Honda and SolarCity will explore opportunities to integrate solar power and electric vehicle recharging, envisioning a future in which Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun, thereby reducing household CO 2 emissions to nearly zero.
Honda, recognized for its leadership in producing fuel-efficient, low-emission vehicles, and SolarCity, America’s leading full-service solar power provider, have established the $65 million investment fund to remove a pervasive obstacle to the broader adoption of solar power: the high initial investment associated with installing solar power. Through the partnership, the first for any automaker, Honda and Acura customers and dealerships will be able to install solar power with little or no upfront cost, depending on the customer’s choice of plans. Customers will be given a choice to pre-pay for their solar electricity or pay a monthly payment that will be lower than the cost of their current utility bill, with insurance, repairs and monitoring service included.